Westchester Capital Management, LLC and Westchester Capital Partners, LLC report beneficial ownership stakes in Crown Reserve Acquisition Corp. I Class A ordinary shares. Westchester Capital Management beneficially owns 878,377 shares (5.09%) and Westchester Capital Partners beneficially owns 7,495 shares (0.04%).
The filing cites 17,250,000 Shares outstanding as of March 27, 2026 and notes that reported Ordinary Shares include Units, half-warrants exercisable at $11.50 and rights exercisable for 0.20 shares upon consummation of a Business Combination.
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Insights
Reported holdings: Westchester holds 5.09% via multiple funds.
Westchester Capital Management reports beneficial ownership of 878,377 shares (5.09%) across funds, with voting and dispositive power split into 72,328 sole and 806,049 shared positions. The filing cites March 27, 2026 for outstanding share count.
Scope and timing are factual: the filing lists the ownership breakdown and describes the securities structure (Units, half-warrants, rights). Subsequent filings would show any change in position or conversions.
Filing is joint and may constitute a Section 13(g)(3) group by disclosure.
The statement is filed jointly by Westchester and WCP and explains adviser-client relationships across named funds. It notes these parties "may be deemed to constitute a 'group' for purposes of Section 13(g)(3)" without admitting a group structure.
All voting/dispositive counts are disclosed; any change in group status or coordinated action would require further disclosures in future filings.
Key Figures
Westchester holdings:878,377 sharesWCP holdings:7,495 sharesPercent of class:5.09%+4 more
7 metrics
Westchester holdings878,377 sharesbeneficial ownership reported by Westchester Capital Management
WCP holdings7,495 sharesbeneficial ownership reported by Westchester Capital Partners
Percent of class5.09%Westchester Capital Management percentage based on outstanding shares
Outstanding shares17,250,000 SharesShares outstanding as of <date>March 27, 2026</date>
Warrant exercise price$11.50exercise price per whole warrant as stated in the filing
Sole voting power (Westchester)72,328 sharesshares with sole power to vote reported for Westchester Capital Management
Shared voting power (Westchester)806,049 sharesshares with shared power to vote reported for Westchester Capital Management
Key Terms
Units, redeemable warrant, right (to receive 0.20 of one Class A ordinary share), Section 13(g)(3)
4 terms
Unitsfinancial
"The Class A ordinary shares reported herein include shares held in the form of units (the "Units")"
Units are bundled securities sold as one package in a financing—commonly a share paired with an instrument that gives the holder the right to buy more shares later. For investors this matters because a unit’s extra component can change future supply of shares and potential returns, similar to buying a combo with a coupon that can be redeemed later and alter what you actually receive and what others might own.
redeemable warrantfinancial
"one half (1/2) of one redeemable warrant (each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share)"
A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.
right (to receive 0.20 of one Class A ordinary share)financial
"one right (each right entitles holder to receive 0.20 of one Class A ordinary share upon consummation of a Business Combination)"
Section 13(g)(3)regulatory
"these parties may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Crown Reserve Acquisition Corp. I
(Name of Issuer)
Class A ordinary shares, $0.0001 par value per share
(Title of Class of Securities)
G2574F119
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G2574F119
1
Names of Reporting Persons
Westchester Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
72,328.00
6
Shared Voting Power
806,049.00
7
Sole Dispositive Power
72,328.00
8
Shared Dispositive Power
806,049.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
878,377.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.09 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 17,250,000 Shares outstanding as of March 27, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27, 2026.
The Class A ordinary shares (the "Ordinary Shares") reported herein include shares held in the form of units (the "Units"), each Unit consists of one Class A ordinary share of the Issuer, one half (1/2) of one redeemable warrant (each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share), and one right (each right entitles holder to receive 0.20 of one Class A ordinary share upon consummation of a Business Combination).
SCHEDULE 13G
CUSIP Number(s):
G2574F119
1
Names of Reporting Persons
Westchester Capital Partners, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,495.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,495.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,495.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.04 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 17,250,000 Shares outstanding as of March 27, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27, 2026.
The Class A ordinary shares (the "Ordinary Shares") reported herein include shares held in the form of units (the "Units"), each Unit consists of one Class A ordinary share of the Issuer, one half (1/2) of one redeemable warrant (each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share), and one right (each right entitles holder to receive 0.20 of one Class A ordinary share upon consummation of a Business Combination).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Crown Reserve Acquisition Corp. I
(b)
Address of issuer's principal executive offices:
Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands
Item 2.
(a)
Name of person filing:
This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, and Westchester Capital Partners, LLC ("WCP"), a Delaware limited liability company.
Westchester, a registered investment adviser, serves as sub-advisor to each of The Merger Fund ("MF"), The Merger Fund VL ("MF VL"), Virtus Westchester Event-Driven Fund ("EDF"), Virtus Westchester Credit Event Fund ("CEF"), JNL/Westchester Capital Event Driven Fund ("JNL"), JNL Multi-Manager Alternative Fund ("JARB") and Principal Funds, Inc. - Global Multi-Strategy Fund ("PRIN"). WCP, a registered investment adviser, serves as investment adviser to Westchester Capital Master Trust ("Master Trust", together with MF, MF VL, EDF, CEF, JNL, JARB and PRIN, the "Funds"). The Funds directly hold Class A Ordinary Shares of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester.
Westchester and WCP often make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time. Based on the foregoing and the relationships described herein, these parties may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act. The filing of this statement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.
(b)
Address or principal business office or, if none, residence:
Westchester Capital Management, LLC
100 Summit Lake Drive, Valhalla, NY 10595
Westchester Capital Partners, LLC
100 Summit Lake Drive, Valhalla, NY 10595
(c)
Citizenship:
Each of Westchester and WCP are organized under the laws of the State of Delaware.
(d)
Title of class of securities:
Class A ordinary shares, $0.0001 par value per share
(e)
CUSIP Number(s):
G2574F119
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Westchester Capital Management, LLC: 878,377
Westchester Capital Partners, LLC: 7,495
(b)
Percent of class:
Westchester Capital Management, LLC: 5.09%
Westchester Capital Partners, LLC: 0.04%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Westchester Capital Management, LLC: 72,328
Westchester Capital Partners, LLC: 7,495
(ii) Shared power to vote or to direct the vote:
Westchester Capital Management, LLC: 806,049
Westchester Capital Partners, LLC: 0
(iii) Sole power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 72,328
Westchester Capital Partners, LLC: 7,495
(iv) Shared power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 806,049
Westchester Capital Partners, LLC: 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Westchester Capital Management report in CRAC?
Westchester Capital Management reports beneficial ownership of 878,377 shares, representing 5.09% of Class A ordinary shares based on March 27, 2026 outstanding share data reported in the issuer's Form 10-K.
How many shares does Westchester Capital Partners hold in CRAC?
Westchester Capital Partners reports beneficial ownership of 7,495 shares, equal to 0.04% of Class A ordinary shares based on the issuer's stated March 27, 2026 outstanding share count.
What voting and dispositive powers are disclosed for Westchester?
Westchester Capital Management discloses 72,328 shares of sole voting power and 806,049 shares of shared voting power, with the same split for dispositive power, as shown in the ownership table in the filing.
Do the reported shares include warrants or units for CRAC?
Yes. The filing states reported Ordinary Shares include Units, each Unit includes one Class A share, one-half of a redeemable warrant exercisable at $11.50, and one right to receive 0.20 of a Class A share upon a Business Combination.
